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Today's video discusses creating a sponsorship agreement and outlines five key elements to include in every contract. Chris Bale from the sponsorship collective emphasizes the importance of consulting with a lawyer before finalizing any agreements with sponsors, as sponsorship contracts are legally binding. It is essential to involve legal counsel to ensure all terms are clear and compliant. Sponsorship agreements are a crucial aspect of sponsorships as they involve marketing disciplines. Engaging sponsors should always be done in consultation with legal professionals for protection and clarity.